The value of Scotch whisky exports dipped seven per cent last year, ending a decade of export growth new figures show.

Figures released today by the Scotch Whisky Association (SWA), taken from HM Revenue and Customs data, show the value of Scotch whisky exports dropped to £3.95 billion last year from £4.26 billion in 2013.

The SWA said the decline in the value of Scotch whisky exports was down to “weaker economic conditions and political volatility in some markets”.

Overall export volumes also dipped three per cent to 1.19 billion 70cl bottles.

The SWA said global exports in value terms improved in the second half of last year - down four per cent – compared with an 11 per cent fall in the first half of 2013, which it suggests points to sound longer-term fundamentals.

In volume terms, exports to France, the largest market for Scotch whisky, rose three per cent to 183 million 70cl bottles last year though exports to the US – the second largest overseas market – dipped seven per cent 118.6 million 70cl bottles.

However, double-digit volume growth was recorded to India, up 30 per cent to 79.7 million bottles; Thailand, up 16 per cent to 27 million bottles: UAE, up 26 per cent to 26.9 million bottles; Taiwan, up 23 per cent to 24.1 million bottles; Japan, up 30 per cent to 18 million bottles; and to Panama, up 15 per cent to 17 million bottles.

Leading the fall in volume exports was Singapore, down 41 per cent to 39.7 million bottles, with volume sales also down in South Africa, Germany, Australia, South Korea, Poland and Italy.

In export value terms, exports to the largest market by value, the United States, dipped nine per cent to £748 million and by 39 per cent to Singapore - the third largest export market in value terms – to £201 million.

The SWA said the fall in both value and volume exports to the Singapore market was partly down to a government crackdown on gifts.

The value of direct exports to China also fell 23 per cent to £39 million.

In value terms, exports were also down in Germany (-18 per cent), South Africa (-17 per cent), Mexico (-10 per cent), Brazil (-20 per cent), Latvia (-6 per cent), Panama (-10 per cent), and Estonia (-8 per cent).

The value of exports to France, the second largest market in value terms, rose two per cent to £445 million.

However, the value of exports rose 36 per cent to Taiwan – the largest annual increase – to £197 million, and to South Korea (+2 per cent), UAE (+27 per cent) and India (+29 per cent).

SWA chief executive David Frost said: “Economic and political factors in some important markets held back Scotch Whisky exports in 2014 after a decade of strong growth.

“It shows that the industry’s success cannot be taken for granted and that we must continue to argue for more open markets and ambitious trade deals that tackle barriers to market access. “The long-term fundamentals remain strong, with consumers in emerging markets wanting to buy Scotch Whisky as a high-quality and authentic product with a strong reputation and clear provenance.

“This drives the strong investment in Scotch Whisky production in Scotland and the significant interest in entering the sector.”